@CongPalazzo Supports House Tax Reform Bill

President Donald Trump hailed the vote to overhaul the US tax system which helped fuel a rally in global marketsMore

The Wisconsin Republican is the first GOP senator to come out against the plan, arguing that both the House and Senate legislation benefit corporations more than small businesses. Now our corporate tax rate is higher than any other industrialized country, which helps explain why so many businesses have packed their bags and taken OUR jobs to other countries.

The chairman of a US bishops' committee concerned with domestic justice issues expressed disappointment over the House of Representatives' passage of "the deeply flawed" tax cut bill.

Naperville News 17's Beth Bria reports.

Job creators praised the bill for lowering corporate rates permanently and sharply, and for overhauling the global tax system.

Repealing the unnecessary death tax and the alternative minimum tax.

The effort is aimed at preventing companies from shifting profits abroad and encouraging the repatriation of profits earned overseas. At the same time, the legislation keeps the top income tax rate at 39.6 percent for the richest one percent of America.

The White House has said more than $2.5 trillion in American profits are held offshore, other estimates peg the number at $2 trillion.

- Raising taxes on low-income working poor families while targeting tax cuts for the highest earners. "I really feel like we're doing great work for small businesses on Main Street".

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Julia Lawless, communications director for Senate Finance Committee Chairman Orrin Hatch (R-UT), told Focus: "Chairman Hatch has been a strong advocate of this [orphan drug tax credit] initiative, which is why the mark [modified 15 November] does not repeal the orphan drug tax credit, but rather makes modifications to it".

$2 trillion is a staggering sum in relationship to the main economic drivers of the American economy - small business - and in terms of big business it is also huge - it is nearly the market value of Apple, Microsoft and Google combined.

President Trump reacted with a Twitter message that congratulated the House, and cited "a big step toward fulfilling our promise to deliver historic TAX CUTs for the American people by the end of the year!"

"It's been 31 years since the last overhaul of the tax code", Latta said.

The US House of Representatives on Thursday passed a bill to reform the US tax code by a vote of 227 to 205, with all Democrats voting against it and all but 13 Republicans voting for it.

House members "ignored impacts to the poor and families" in passing the Tax Cuts and Jobs Act Nov. 16, said Bishop Frank J. Dewane of Venice, Florida.

The votes of Rep. Chris Collins, R-Clarence, and Rep. Tom Reed, R-Corning, were less essential as other upstate Republicans added their votes to a house tax bill passed Thursday.

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